Reports indicate Britain’s finance minister Kwasi Kwarteng is to be sacked.
Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget.
Truss will hold a news conference later, as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget
Kwarteng flew back to the UK for urgent talks with Truss Friday morning after cutting short a meeting with international finance ministers in Washington DC
Earlier, a No 10 source told the BBC that Truss thought the chancellor was “doing an excellent job”
The PM faces growing calls from within her party to rethink her economic plans, with one Tory MP telling the BBC: “It’s checkmate, we’re screwed”
It means Kwarteng is the second shortest-serving UK chancellor on record.
The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure on record.